JTC to buy Minerva
JTC, the fund, corporate and private wealth services business, is to acquire Minerva. Both companies are headquartered in Jersey but the acquisition will add a new Dubai office to JTC’s global network. Minerva was established more than 40 years ago and is a provider of global private client, corporate, fund and treasury services.
The purchase, which is expected to be completed later this year – subject to regulatory approvals – will also extend JTC’s reach into the markets of sub-Saharan Africa, India and Asia and will grow JTC’s treasury services offering.
Vipin Shah, chairman and founder of Minerva, said: ‘I am delighted with this deal, which is an important step in the development of Minerva, and we look forward to working closely with the highly experienced teams at JTC to further enhance our offering. The founders and the senior management team remain shareholders, having taken much of our consideration in shares, and are committed to continuing the work we have been doing for the last 40 years.
‘We have recognised the increasing importance of scale in our industry and being part of a larger and more global business will enable us to access an extensive range of additional services from across the JTC Group. Going forward this will add value to our clients and will help us to continue to meet the ever-increasing global service requirements from them.’
Minerva was advised by law firm Walkers.